ASEAN economies able to survive market volatility in 2023: UOB
Major ASEAN economies should be able to survive volatile market swings in 2023 following similar turmoil last year thanks to the region's strong fundamentals, according to Singapore-based United Overseas Bank (UOB).
A cargo vessel at Pasir Panjang Port of Singapore (Photo: AFP/VNA)
Bangkok (VNA) - Major ASEAN economies should beable to survive volatile market swings in 2023 following similar turmoil lastyear thanks to the region's strong fundamentals, according to Singapore-basedUnited Overseas Bank (UOB).
In the bank's first-quarter global outlook report,Enrico Tanuwidjaja, an economist at UOB ASEAN, said ASEAN countries rode outvolatile markets in 2022, beset by lingering effects of the COVID-19 pandemic,Russia-Ukraine conflict, US-China tensions, sharp pricespikes and supply disruptions of energy and commodities, inflation spikesaround the world, aggressive interest rate hikes by the US Federal Reserve andother central banks, and a US dollar rally.
The economies’ resilience last year should helpthem amid looming risks for recessions in the US, the UK and Europe, tightenedfinancial conditions, further straining of US-China relations and theRussia-Ukraine conflict, among others.
Last year, GDP growth for most economies reboundedstrongly in the second and third quarters on the back of export demand andincreasing domestic demand as COVID-19 restrictions have mostly been lifted.
The removal of COVID-19 restrictions and reopeningof domestic economies across ASEAN since mid-2022 added to recovery momentum asvisitor flows surged and services sectors rebounded. These factors are expectedto be the main pillar for various ASEAN economies this year.
Nonetheless, given the export-oriented nature of ASEANeconomies, the possibility of spillovers from several remaining risk factorscannot be ignored. Overall, GDP growth rates around the world will be lower in2023. Major ASEAN economies are expected to see growth slowing to around 5%this year from above 6% in 2022, Tanuwidjaja said./.
Secretary-General of the Association of Southeast Asian Nations (ASEAN) Dato Lim Jock Hoi has affirmed that ASEAN’s strong commitment to regional cooperation and integration will help the region navigate through headwinds and uncertainties such as the global economic slowdown, higher food and energy prices, climate disasters, and continued global trade tensions.
Indonesia's capital market performance in 2022 was the best as compared to that of other ASEAN and Asian countries in general, Chairperson of Board of Commissioners of the Financial Services Authority (OJK) Mahendra Siregar stated.
The Singapore-based United Overseas Bank (UOB) has kept its forecast for Vietnam's GDP growth in 2023 unchanged at 6.6% in line with the official forecast of 6.5%, although growth momentum is likely to be weaker.
According to Japan’s Nikkei web, the country will propose sharing supply chain data with ASEAN member states, as part of the measures to strengthen economic ties with the region.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
A cargo vessel at Pasir Panjang Port of Singapore (Photo: AFP/VNA)
